Posting just to write down my thoughts.
Whilst it varies, I have FID FUMAA ending at about 11.5bn (fairly sizeable drawdown in FUM in June).
Average FUM throughout the year (June '21 + June '22)/2 = ~11bn
At an estimated $6.8m/$1bn of FUMAA, I get ~75m in revenue.
Net Income (after fees and charges) of 74% = $55.5m
CTI on that of 53% = $29.41m
D&A excl customer amortization is basically 0.
That should leave ~$29m in PBT.
Tax rate of 27.5% = $21m PAT
Current MC = $230m
Cash ~$17m at EOY (guessing, depends on timing of payments, etc)
EV = $213m
Basically trading on 10x EV/FCF from what I can tell. Plenty of room for growth from:
- acquisition of more FUA, then transfering across to management/platform
- recovery across equity/bond markets
- Onboarding external funds onto the platform
Potential loss of earnings from reduction in platform pricing... Unsure how to factor this in as I don't know the pricing structure.
Ann: FID Investor Presentation - Wilsons, page-5
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